State of Maryland Closes Financing on Baltimore City's Barclay Affordable Housing Project Development

CROWNSVILLE, MD (June 30, 2010) - Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner today announced the beginning of construction of Barclay Phase 1A, a project financed through the American Recovery and Reinvestment Act (ARRA).  This family residential community includes the acquisition and rehabilitation and new construction of 72 units of affordable rental housing at multiple sites throughout the Barclay Greenmount neighborhood of Baltimore City.

"This development enhances affordable workforce housing options for Baltimore families," said Secretary Skinner. "It also is a win-win situation in that it benefits the area's labor pool by creating an estimated 113 construction jobs."

The property will consist of 40 one-bedroom, 7 two-bedroom, 21 three-bedroom, 2 four bedroom and 2 five bedroom units. The units will be available for tenants with incomes between 30% and 60% of Area Median Income (AMI) which translates into $17,250 for a one-person household at 30% AMI and $41,520 for a four-person household at 60% AMI.

Project financing includes a $498,682 Rental Housing Production Program (RHPP) loan from DHCD, $9,613,600 from the Housing Authority of Baltimore City and a Developer contribution of $116,250. The development also receives cash assistance of $8,676,132 through the ARRA's Section 1602 Tax Credit Exchange Program, which funds capital improvements in affordable multifamily rental housing projects that have previously been awarded federal Low Income Housing Tax Credits.

The developer and owner for Barclay Phase 1A is the Telesis Baltimore Corporation.. The property will be professionally managed by CT Associates. The general contractor is Southway Builders, Inc.

The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs, log on to www.mdhousing.org News updates also are available by following DHCD on Twitter (http://twitter.com/MDHousing) and Facebook (http://www.facebook.com/MDHousing).

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